Deal conducted by Maxim Group to finance working capital and research
By Devika Patel
Knoxville, Tenn., Nov. 17 – Applied DNA Sciences Inc. said it priced its $9.1 million public offering of units with a $1.37 million greenshoe. The deal was announced Oct. 2.
The company will sell 2.8 million units of one common share and one warrant at $3.25 per unit, with each warrant exercisable at $3.50 for five years.
Maxim Group LLC is the bookrunning manager.
Settlement is expected Nov. 20.
Proceeds will be used to repurchase warrants, for research and development and for working capital.
Stony Brook, N.Y.-based Applied DNA Sciences provides patented DNA-based technologies to prevent and identify counterfeits.
| Issuer: | Applied DNA Sciences Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $9.1 million
|
| Greenshoe: | $1,365,000
|
| Units: | 2.8 million
|
| Price: | $3.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.50
|
| Bookrunner: | Maxim Group LLC
|
| Co-manager: | Dawson James Securities
|
| Announcement date: | Oct. 2
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 20
|
| Stock symbol: | Nasdaq: APDN
|
| Stock price: | $0.10 at close Nov. 14
|
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